All Roll Calls
Yes: 148 • No: 42
OklahomaHB 2764Oklahoma 2026 Regular SessionHouseWALLET
Revenue and taxation; duties of the State Board of Equalization; certification of revenue amounts; income tax rate reduction; effective date.
Sponsored By: Trey Caldwell (Republican)
Signed by Governor
Senate Committee
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Bill Overview
Analyzed Economic Effects
6 provisions identified: 2 benefits, 1 costs, 3 mixed.
Lower 8% tax for nonresident aliens
Nonresident aliens owe 8% Oklahoma tax on Oklahoma taxable income. Payers must withhold 8%, remit quarterly with a return, and give an annual statement by January 31. Payers are personally liable for failures to withhold or remit. This rule is effective November 1, 2025.
Oil, gas, corporate revenue to reserves
Each February, the State Board certifies five‑year averages for oil, gas, and corporate income taxes, ignoring Revenue Stabilization Fund deposits after the first deposit year. If next year’s oil or gas revenue tops its average, 100% of the extra goes to the Revenue Stabilization Fund. If corporate tax exceeds its average, 25% of the excess goes to the Constitutional Reserve Fund up to its cap, and 75% (plus any overflow) goes to the Revenue Stabilization Fund. These rules take effect November 1, 2025.
Trusts and estates taxed like individuals
Trusts and estates pay Oklahoma income tax using the same rate schedule as single filers. They cannot deduct federal income tax paid. This rule is effective November 1, 2025.
Income tax cuts when revenues grow
The State Board checks total collections each December and again in February. If last year’s collections beat the base year plus a set threshold, all individual rates drop by 0.25 percentage point. The Tax Commission sets that threshold as 1.25 times the estimated 12‑month revenue loss from the cut. The base year is the highest earlier total collections; the comparison year is the most recent fiscal year. Any cut starts on January 1 after the February certification. In December 2026, the Board must also find the first 5.5 months of FY 2027 met at least 95% of the February 2026 estimate and no revenue failure was declared. If a revenue failure is declared, the cut is delayed until a later certification meets the test.
New income tax brackets 2024–2026
For 2024–2025, single filers pay 0.25% on the first $1,000; 0.75% on the next $1,500; 1.75% on the next $1,250; 2.75% on the next $1,150; 3.75% on the next $2,300; and 4.75% above that. Joint filers, heads of household, and surviving spouses use double the dollar amounts with the same rates. No deduction is allowed for federal income taxes paid. Starting in 2026, single filers pay 0% on the first $3,750; 2.5% on the next $1,150; 3.5% on the next $2,300; and 4.5% above that. Joint filers, heads of household, and surviving spouses use double those amounts. The Tax Commission publishes tax tables for lower‑income filers to compute tax.
Corporate and foreign company taxes, withholding
Corporations with Oklahoma taxable income owe a 4% tax for tax years starting after December 31, 2021. Foreign corporations pay 4% on Oklahoma‑source income. Payers must withhold 4%, remit quarterly with a return, and issue payee statements by January 31. Payers are personally liable if they do not withhold or remit. These rules are effective November 1, 2025.
Sponsors & Cosponsors
Sponsor
Trey Caldwell
Republican • House
Cosponsors
Stacy Jo Adams
Republican • House
Chris Banning
Republican • House
Micheal Bergstrom
Republican • Senate
Brad Boles
Republican • House
David Bullard
Republican • Senate
Denise Crosswhite Hader
Republican • House
Emily Gise
Republican • House
Chuck Hall
Republican • Senate
John Haste
Republican • Senate
Neil Hays
Republican • House
Derrick Hildebrant
Republican • House
Shane Jett
Republican • Senate
John Kane
Republican • House
Gerrid Kendrix
Republican • House
Mark Lepak
Republican • House
Cody Maynard
Republican • House
Julie McIntosh
Republican • Senate
Dana Prieto
Republican • Senate
Kendal Sacchieri
Republican • Senate
Max Wolfley
Republican • House
Gabe Woolley
Republican • House
Roll Call Votes
Senate vote • 5/22/2025
THIRD READING
Yes: 34 • No: 11
House vote • 5/20/2025
THIRD READING
Yes: 74 • No: 19
House vote • 5/19/2025
DO PASS
Yes: 23 • No: 5
Senate vote • 5/19/2025
Committee vote: Joint Committee on Appropriations and Budget
Yes: 17 • No: 7
Actions Timeline
Approved by Governor 05/28/2025
5/28/2025HouseSent to Governor
5/22/2025HouseEnrolled measure signed, returned to House
5/22/2025SenateEnrolled, signed, to Senate
5/22/2025HouseReferred for enrollment
5/22/2025HouseEngrossed measure signed, returned to House
5/22/2025SenateMeasure passed: Ayes: 34 Nays: 11
5/22/2025SenateJCR adopted
5/22/2025SenateCoauthored by Senator Prieto
5/22/2025SenateCoauthored by Senator Jett
5/22/2025SenateCoauthored by Senator Bullard
5/22/2025SenateCoauthored by Senator McIntosh
5/22/2025SenateCoauthored by Senator Sacchieri
5/22/2025SenateDirect to Calendar
5/21/2025SenateCoauthored by Representative Hildebrant
5/21/2025SenateFirst Reading
5/20/2025SenateEngrossed, signed, to Senate
5/20/2025HouseReferred for engrossment
5/20/2025HouseThird Reading, Measure passed: Ayes: 74 Nays: 19
5/20/2025HouseJCR adopted
5/20/2025HouseCoauthored by Senator(s) Bergstrom
5/20/2025HouseCoauthored by Representative(s) Maynard, Wolfley, Woolley, Hall, Boles, Adams, Kendrix, Hays, Gise, Banning
5/20/2025HouseGeneral Order
5/20/2025HouseCoauthored by Representative(s) Lepak, CrosswhiteHader
5/19/2025HouseJCR; Do pass, amended by committee substitute Joint Committee on Appropriations and Budget
5/19/2025House
Bill Text
Enrolled (final version)
5/22/2025
Engrossed
5/20/2025
Floor (House)
5/19/2025
House Committee Substitute
5/19/2025
House Joint Committee Report
5/19/2025
Introduced
1/16/2025
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